Adaptation of Stephen King’s IT Shifts from Warner Bros. to New Line

The Hollywood Reporter brings word this morning that the feature adaptation of the Stephen King's IT has shifted from Warner Bros. to their New Line division, which the outlet reports will now take the lead on all things horror for the studio.

True Detective's Cary Fukunaga was hired to helm the adaptation back in 2012, and it still seems that is the case. The studio is eyeing to release the film in two feature length parts, the first one focusing on the characters as children and the second featuring them as adults.

Previously adapted as a television miniseries in 1990, King's official site describes IT as follows:

A promise made twenty-eight years ago calls seven adults to reunite in Derry, Maine, where as teenagers they battled an evil creature that preyed on the city's children. Unsure that their Losers Club had vanquished the creature all those years ago, the seven had vowed to return to Derry if IT should ever reappear. Now, children are being murdered again and their repressed memories of that summer return as they prepare to do battle with the monster lurking in Derry’s sewers once more.

Fukunaga himself will also attend to scripting duties alongside Chase Palmer with David Katzenberg, Roy Lee, Dan Lin and Seth Grahame-Smith producing.